User Account

All Pages

Determine the amount in the account

Assignment Help Accounting Basics
Reference no: EM133059413

Question - Equal deposits of $3300 are made at the end of each quarter in an account which earns 7% compounded monthly for 15 years.

a. State the effective rate for 7% compounded monthly to 2 decimal places.

b. Using the value you got for part a, state the equivalent nominal rate converted quarterly to 7% compounded monthly to 2 decimal places.

c. Using the nominal rate from part b, determine the balance of the account at the end of 15 years.

d. If no more deposits are made, but the money is left in the account accumulating interest for 7 more years, determine the amount in the account at the end of 22 years. Hint: Use 7% compounded monthly.

Reference no: EM133059413

Questions Cloud

What are the types of audit report opinions : After the accountant has assessed the reasonableness of the assumption of continuing operations, what are the types of audit report opinions
Prepare the required journal entries : Dividends and other investment income and losses are all reported in one investment account. Prepare the required journal entries on the following dates
How much inventory in dollars should ABC buy in January : The selling price is $20 per unit and the unit cost is $12 per unit. How much inventory in dollars should ABC buy in January
Find the size of the required monthly deposits : If the first deposit is made on June 1, 2015 and the last deposit is made on May 1, 2020, find the size of the required monthly deposits
Determine the amount in the account : If no more deposits are made, but the money is left in the account accumulating interest for 7 more years, determine the amount in the account
Develop a professional portfolio : Develop a professional portfolio (or 'e-portfolio') that you can continue to build upon during your career as a teacher
What is the average time that diners must wait : The agent is paid 15 dollars per hour. What is the average time that diners must wait before their calls are transferred to the agent
How many metres of fabric should ABC purchase in January : If ABC desires 30% in the ending direct materials inventory how many metres of fabric should ABC purchase in January
Prepare the entries to record the closing of these items : Indigo Company has the following account balances: Sales Revenue $226,300, Prepare the entries to record the closing of these items

Reviews

Write a Review

Accounting Basics Questions & Answers

  Do a company analysis on the company sales position

Choose a company and do a Company analysis on its Sales and Competitive Position. The response must be typed.

  What is the year end-of-year book value

What is the year 1 end-of-year book value for a piece of farm equipment that cost $45,000, with a salvage value of $8,000 at the end of 6 years

  What is the amount of interest

What is the amount of interest that "ABC" Company must present on it income statement for the year ending 31/8/2019

  What is the net cash flow for fox

What is the net cash flow for Fox's 2020 SCFs Operating activities? The only long-term asset sold in 2020 is Equipment with an $80,000 cost & 20% depreciated

  Audio max electronics company manufactures electronic

audio max electronics company manufactures electronic stereo equipment. the manufacturing process includes printed

  Describe the growth of business intelligence

CISM4000 - Accounting Information Systems - Kaplan Business School - Excel Assignment and Case Study - Describe the growth of Business Intelligence in the past

  How much cash interest will be paid every six months

Youngblood Enterprises plans to issue $750,000 face value bonds with a stated interest rate of 10%. How much cash interest will be paid every six months

  Which of the assets held by a cash basis accounting firm

Which of the assets held by a cash basis accounting firm is a § 1231 asset? A computer used in the business held more than one year but fully depreciated

  Which statements about contribution format income statement

Which statements about contribution format income statement is incorrect? It is used as an internal planning and decision making tool

  Explain the differences between actual and normal costing

Explain the differences between process costing and job-order costing. Explain the differences between actual costing and normal costing

  What risk adjusted discount rate must be used to evaluate y

If Suva Mining is to be indifferent between the two processes, what risk adjusted discount rate must be used to evaluate Y

  Determine the total compensation cost pertaining

Allied Paper Products, Inc., offers a restricted stock award plan to its vice presidents. Determine the total compensation cost pertaining to restricted shares

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd